A Guide to Binarycent Copy Trading – Everything You Need to Know

Binarycent, one of the popular binary trading platforms, is now offering a copy trading service that allows users to mirror the trades of professional traders. Read this guide to learn how to get started with Binarycent and begin copying trades.

Copy Trading Defined

Copy trading is a service that bridges the gap between those who have the right skills for trading and inexperienced traders. Individuals who are willing to let other people replicate their trades are known as strategy providers. They earn a commission from every profitable trade.

It is worth mentioning that copying the trades of professional traders doesn’t guarantee profits. You are likely to post losses from time to time.

The beauty of copy trading lies in its simplicity. With just a few clicks, you can easily start replicating the trades of others. This allows novice traders to step confidently into the financial markets even without having the right skills.

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How to Create a Binarycent Account

Before you start copy trading on Binarycent, you need to create an account with the broker. Here is how to go about it:

1. Go to Binarycent.com and click the “How to Start” button.

2. After that, press “Open an Account.”

3. You will be redirected to a sign-up page, where you’ll enter your email, password, name, and phone number. Also, you must select account currency. Some of the supported currencies include USD, GBP, RUB, and EUR.

4. Next, tick the “terms and conditions” checkbox and then hit the “Sign Up” button.

5. Binarycent will send you a verification email. Click on it to confirm that the email address belongs to you.

6. After that, the broker will give you full access to your account.

How to Start Copy Trading on Binarycent

Here is how you can start replicating the trades of seasoned trades on Binarycent:

1. Deposit funds to your trading account. Binarycent supports several payment methods, such as bank transfers, PayPal, and debit/credit cards. Note that you can deposit as low as $50.

2. After funding your Binarycent account, go to the broker’s trading platform and click “Copy Trading.”

3. Select a strategy provider. Binarycent hosts thousands of experienced traders who share their strategies with other traders. To choose the right trader, take a look at their trading statistics. Check elements like win rate and risk levels.

4. After identifying your ideal trader, you can start replicating their trades by pressing “Copy” on their profile. Note that Binarycent copy trading service is automatic, meaning all trades opened by your strategy provider are automatically copied to your account.

5. Remember to withdraw profits. You can use the same payment methods for depositing to transfer funds out of your Binarycent account.

How Do You Find the Right Trader to Copy on Binarycent?

These are the factors to consider when selecting a strategy provider:

1. Proven Track Record: Your goal as a copy trader should be to identify a consistent strategy provider. Therefore, it is advisable to evaluate a trader’s performance within a period of one or more years. If they have been consistent during that timeframe, it would suggest that they have an effective trading strategy.

2. Returns: Study the traders’ return patterns. You want to settle for a trader who records small but consistent returns, not one who posts massive gains this week and loses significantly the following week.

3. Confidence: Check if the trader you want to copy uses their own funds to trade. If they do, it will show they are confident in their trading strategy.

4. Number of Copy Traders: Always evaluate the number of Binarycent users subscribed to a particular trader. If a strategy provider has many people copying their trades, it means that they are trusted.

5. Risk Level: Understand your risk appetite and then identify a strategy provider who matches it.

6. Historical drawdown: Checking the drop in value of a trader’s portfolio is important as it helps you to prepare for potential downturns.

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